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TORONTO, July 20 /CNW/ - African Aura Mining Inc. ("African Aura" or the "Company") the TSX-V (AUR) and AIM (AAAM) listed exploration to production company focused on iron ore and gold in sub-Saharan Africa announces the results of the recently completed airborne geophysical survey undertaken by New Resolution Geophysics across the Company's Nkout, Ngoa and Akom iron ore projects in southern Cameroon.
- Nkout defined by a major geophysical anomaly covering at least 8km of
- Further 12km of targets generated around Nkout, considered to be
- Previous grab sampling at Nkout returned up to 68% Fe and averaged
- Phase one 4,200m 10 hole drilling programme to commence imminently
- Nkout deposit is strategically well located in an emerging iron ore
- 2.5 billion tonne Mbalam iron ore deposit (located 150km to the
- Close to the proposed rail route to a port which will service
the Mbalam deposit
African Aura has received the interpretation of the data from the recently completed ground and 14,000 line km high resolution airborne geophysical surveys (EM and gravity) covering the company's Nkout, Ngoa and Akom iron ore projects in Southern Cameroon. The data for Nkout suggests the presence of an east-west striking antiform with two limbs approximately 100m thick and magnetic susceptibilities of around 2.0, which is considered consistent for a prospective banded iron formation.
Luis da Silva, President & CEO of African Aura commented:
"Until today this asset was not valued in our portfolio. The results from the airborne geophysical survey at Nkout and our surrounding projects in Southern Cameroon are nothing short of highly encouraging. They confirm our belief that we have discovered a potentially very significant iron ore asset in a rapidly emerging iron ore province in west Africa. Nkout is represented by an approximately 8km long priority geophysical signature, co-incident with a major hill. As previously announced reconnaissance sampling by African Aura at Nkout, returned a maximum grade of 68% Fe and an average of 57% Fe from 55 samples. A ten hole 4,200m phase one drilling programme is planned to commence imminently, in order to test the highest priority signatures to refine the geological model and progress the project towards a maiden iron resource still during 2010. We look forward to updating shareholders on progress in due course."
African Aura's Iron Ore Portfolio in Cameroon:
African Aura has three principal iron ore projects in Cameroon, namely the Nkout, Ngoa and Akom Hills and considers that their combined dimensions represent a potentially significant iron ore asset. The sub-region of southern Cameroon, Gabon and the Republic of Congo hosts a number of substantial iron deposits, which are currently under exploration and development including the 2.5 Bt Mbalam deposit, located approximately 150km southeast of Nkout, which is under development by Sundance Resources Limited. Further information on African Aura's iron projects in Cameroon is summarised below and is available at www.african-aura.com/s/Nkout.asp.
Nkout Iron Ore Project, Southern Cameroon
The Nkout iron ore project is located on the 489km(2) Djoum licence which is held by the Company's 100% owned subsidiary Caminex SARL. The project was identified through interpretation of historic airborne magnetic and remote sensing data. Mapping undertaken to date has shown that Nkout comprises a 12km long, iron rich (Itabirite / BIF) discontinuous ridge hosted in Archaean age rocks on the Congo Craton. Reconnaissance sampling at Nkout has returned assays with a maximum grade of 68% Fe and an average of 57% Fe from 55 samples.
The exploration results and further planned work in Cameroon have been reviewed and approved by Mark Biddulph. He holds a BSc Hons in Geology, and GIS from Rhodes University, and a GDE in Mining Engineering (Mineral Economics) from the University of Witwatersrand in South Africa. Mark is a Professional Natural Scientist under the South African Council for Natural Scientific Professions (SACNASP) and a Qualified Person under National Instrument 43-101.
About African Aura Mining Inc.
African Aura is an established exploration and development company listed on the TSX-V (AUR) and London's AIM (AAAM). The Company operates two divisions, namely: iron ore and gold:
- The iron ore division includes its 38.5% interest in the Putu iron
ore project in Liberia, which is moving through pre-feasibility
managed by joint venture partner Severstal Resources (the mining
division of Moscow listed OAO Severstal). The division also includes
a 100% interest in the Nkout iron ore project and surrounding iron
targets in Cameroon.
- The gold division includes the multi million ounce potential New
Liberty greenstone gold deposit, which is being advanced through a
bankable feasibility study, and the proximal Weaju, Gondoja and
Silver Hills projects, all in western Liberia.
In addition, the Company has a 30% interest in AIM-listed diamond producer Stellar Diamonds Plc (AIM: STEL, www.stellar-diamonds.com).
The Company has a highly motivated and experienced team with a track record of discovering mines and taking projects through development and into production. As a pioneer, African Aura has attracted some excellent strategic partners and shareholders, always with the objective of preserving or enhancing shareholder value. For further information on the Company you are invited to visit its website at www.african-aura.com, or SEDAR's website at www.sedar.com, or contact one of the following:
This press release includes certain forward-looking statements. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding the future plans and objectives of African Aura, are forward-looking statements that involve various known and unknown risks and uncertainties as well as other factors. Such forward-looking statements are subject to a number of risks and uncertainties that may cause actual results or events to differ materially from current expectations, including delays in obtaining or failure to obtain required regulatory approvals. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Any forward-looking statements speak only as of the date hereof and, except as may be required by applicable law, African Aura disclaim any obligation to update or modify such forward-looking statements, either as a result of new information, future events or for any other reason.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
SOURCE Afferro Mining Inc.
For further information: For further information: African Aura Mining Inc.: Luis da Silva, President & CEO, Tel: +44 (0) 20 7257 2930; Evolution Securities Limited: Simon Edwards, Chris Sim, Neil Elliot, Tel: +44 (0) 20 7071 4300; Pelham Bell Pottinger: Charles Vivian, James MacFarlane, Tel: +44 (0) 20 7861 3232